JB and Iskandar are poised to receive more buyers and renters amid skyhigh rentals and property prices in Singapore.
In recent months, Johor, particularly its capital, Johor Bahru and Iskandar Malaysia (especially Forest City) have been abuzz with lots of good news for property owners and investors. Johor has always been the beneficiary of the spillover of renters and prospective home owners from Singapore but this time, the spillover has become more acute, thanks to the latest developments in Singapore.
2023 has turned out to be a watershed year for Singapore on many fronts, especially its skyrocketing property prices that are scaling new heights, catapulting it to become one of the top three most expensive property markets in the world. Even some of its HDB flats are selling for more than SGD1 million as evidenced by the sale of 21 four-room HDB flats that transacted for more than SGD$1 million each in the first quarter of this year.
Overall, prices of property in Singapore have shot up tremendously from a year ago due to strong post-Covid domestic demand, stronger than expected recovery of the Singapore economy, and an influx of rich foreigners seeking safe haven here.
This has already caused an exodus of renters and buyers seeking more affordable properties from across the Johor – Singapore causeway. And the enquiries are growing by the day.
